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The overlap compression on the amsteel happens before the half hitch, putting the full compressive force in one spot. The half hitch adds a small amount of holding force after that happens.

Uh... maybe. I'm looking at one right now. The first overlap is just below where the line exits the toggle; it comes out, goes down and around the toggle and then under itself to create the first compression point. (I'm using stock PVC so the smoothness precludes any friction that would prevent slippage.) Because it's slipping it seems to my non-engineer trained mind that it's not holding as well - that is, not compressing as much as rings. The small amount of additional compression / hold that you get with the second half hitch seems to be enough to hold tight. My conclusion (FWIW ) is that the weakening caused by the single point compression of rings is lessened somewhat because there's less compression (maybe 2/3 that of the rings) at the first overlap and even less at the second (maybe 1/3). The total compression may be the same because the total grip is the same, but it's spread out just a bit more. And it's soft material doing the compression so both parts would yield - as opposed to metal rings.
Or I could just be totally goofy.

How about using the handle of the pull cord of the lawn mower, chain saw, etc.

How well do you think the the hitch would hold considering the shape of the handle?
If you're using Amsteel or other cord from your hammock then I think the T-shaped PVC is a very neat solution. If you're using a 'biner like Gumbo & I use (because we don't care about weight ) then a straight toggle is just fine.

I think there's quite a bit of merit here -just approach with caution especially if using smaller diameter cordage.

I like the T shaped tubing idea (be it metal, wood, PVC, etc.) as it would give some symmetry to the setup and would also eliminate the tight radius turn of the continuous loop resting on the suspension line as in the original dowel method.

The continuous loop would now be resting on the gentle curve of the T shaped toggle.

I would be a bit nervous though about the continuous loop sliding off though as others have mentioned.

How well do you think the the hitch would hold considering the shape of the handle?
If you're using Amsteel or other cord from your hammock then I think the T-shaped PVC is a very neat solution. If you're using a 'biner like Gumbo & I use (because we don't care about weight ) then a straight toggle is just fine.

I think you're looking at two different variables (considering the biner vs. not biner options) like what I saw in your testing pictures. Using the biner, I'd say 100% of the weight is bearing down on the toggle.

Let's now look at my suspension: I run dogbones off the ends of my hammock. If I take the open end of my dogbone and loop it over the toggle, I suspect the load would probably be more on the Amsteel than on the toggle...this is just one of those things I'm gonna test.